CHAPTER 420

AN ACT to authorize the City of Hampton to borrow the sum of
$225,000.00 and to issue bonds therefor, to provide for the levy
of additional tawes under certain circumstances; and to valt-
date certain actions.

[H 698]

Approved April 5, 1950

Be it enacted by the General Assembly of Virginia:

1. § 1. The City of Hampton is hereby authorized to borrow the
sum of two hundred twenty-five thousand dollars and in its name
to issue and sell at one time or from time to time its bonds there-
for, at not less than par, bearing interest at a rate not exceeding
five per centum (5%) per annum, payable semi-annually, maturing
at such time or times as shall be fixed by said City, not exceeding
thirty (30) years from the date thereof, payable at such place or
places as may be designated in said bonds, and apply the proceeds
of said bonds in the renovation and/or construction and equipping
of an elementary school in the City of Hampton, Virginia.

§ 2. The issuance of said bonds shall be authorized by resolu-
tion adopted by the Council of the City of Hampton at a regular
or special meeting, and such bonds shall be signed by the Mayor
of the City of Hampton and attested by its Clerk and shall have
the seal of said City affixed, and the coupons thereto attached,
evidencing the interest thereon shall be signed with the facsimile
signatures of said officers. The signatures or facsimile signatures
of said officers shall be valid and binding notwithstanding any
change in incumbency of officers before delivery of any such bonds.

§ 3. The bonds shall be a lien upon all of the property of the
City of Hampton, including the school properties and the City
Council of the City of Hampton shall levy a tax on all of the prop-
erty in the said city at a rate sufficient to pay the principal and in-
terest of the bonds which have been issued, and the full faith and
credit of the said City of Hampton and all of the property in the
city taxable by city authorities shall be and is hereby pledged
for the prompt payment of the principal and interest of all of said
bonds and if, for any reason, the present tax be insufficient, then
said City Council shall levy a tax in addition to other taxes on all
the property in said city, taxable by the city authorities for school
purposes at a rate sufficient to promptly pay said principal and
interest.

§ 4. All proceedings heretofore had and taken by said city,
in respect to the authorization and sale of said bonds be, and the
same are hereby legalized and validated.
§ 5. Nothing herein contained shall be construed to permit
the said city to incur indebtedness beyond the limit provided by
general law.

2. An emergency exists and this act shall be in force from its
passage.